Patrick J. Feeney Jr., senior vice president with CB RichardEllis' Phoenix office, says the project at 2300 S. 51st. Ave.attracted eight offers. Feeney, who teamed with CBRE senior vicepresidents Daniel P. Calihan and Joseph H. Porter III, says theSanta Barbara, CA-based buyer was selected because of its abilityto close.

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"Their plan is to lease it up and hold it long term," Feeneysays, adding the first two tenants will move into the new buildingin late January. He tells GlobeSt.com that the inbound tenants areAmerican Building Supply, which has a seven-year lease for 151,376sf, and Frito-Lay Inc., which signed a five-year lease for 81,126sf.

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"There's little doubt that already having tenants on hand helpedspur this sale," Feeney says. "The investment community is changingbecause of the credit squeeze. Leased properties are consideredmore valuable today than six or eight months ago. We were fortunateto do these two prelease deals." CBRE is marketing a 46,271-sfspace for 48 cents per sf, triple net and a pair of 28,343-sfsuites for 52 cents per sf, triple net.

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Feeney says the sale represents First Industrial's lastdevelopment site for a 70-acre plot that it acquired many yearsago. The majority of the land was sold four years ago to users.

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